Cars.com Inc (CARS) 2024 Q4 法說會逐字稿

Good morning, ladies and gentlemen. Welcome to Cars' fourth-quarter 2024 earnings conference call. (Operator Instructions)This call is being recorded on Thursday, February 27, 2025.

女士們、先生們，早安。歡迎參加《汽車》2024 年第四季財報電話會議。(操作員指示)此通話於 2025 年 2 月 27 日星期四錄音。

I would now like to turn the conference over to Ms. Katherine Chen, Vice President of Investor Relations. Please go ahead.

現在，我想將會議交給投資者關係副總裁 Katherine Chen 女士。請繼續。

Good morning, everyone, and thank you for joining us. It's my pleasure to welcome you to the Cars.com Inc. fourth quarter and full year 2024 conference call. With me this morning are Alex Vetter, CEO; and Sonia Jain, CFO.

大家早安，感謝大家的收看。我很高興歡迎您參加 Cars.com Inc. 2024 年第四季和全年電話會議。今天早上與我在一起的有執行長 Alex Vetter；以及財務長 Sonia Jain。

Alex will start by discussing the business highlights from our fourth quarter and full year, then Sonia will discuss our financial results in greater detail along with our 2025 outlook. We'll finish the call with Q&A.

亞歷克斯將首先討論我們第四季度和全年的業務亮點，然後索尼婭將更詳細地討論我們的財務業績以及 2025 年的展望。我們將以問答形式結束本次通話。

Before I turn the call over to Alex, I'd like to draw your attention to our forward-looking statements and the description and definition of non-GAAP financial measures which can be found in our presentation.

在我將電話轉給亞歷克斯之前，我想提請您注意我們的前瞻性聲明以及非公認會計準則財務指標的描述和定義，這些可以在我們的簡報中找到。

We'll be discussing certain non-GAAP financial measures today, including adjusted EBITDA, adjusted EBITDA margin, adjusted operating expenses, adjusted net income, and free cash flow. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures can be found in the financial tables included with our earnings press release and in the appendix of our presentation.

今天我們將討論某些非 GAAP 財務指標，包括調整後的 EBITDA、調整後的 EBITDA 利潤率、調整後的營業費用、調整後的淨收入和自由現金流。這些非 GAAP 財務指標與最直接可比較的 GAAP 指標的對帳表可在我們的收益新聞稿和簡報附錄中找到。

Any forward-looking statements are subject to risks and uncertainties. For more information, please refer to the Risk Factors included in our SEC filings, including those in our most recently filed 10-K, which is available on the IR section of our website. We assume no obligation to update any forward-looking statements.

任何前瞻性陳述都存在風險和不確定性。欲了解更多信息，請參閱我們向美國證券交易委員會 (SEC) 提交的文件中包含的風險因素，包括我們最近提交的 10-K 文件中的風險因素，該文件可在我們網站的 IR 部分找到。我們不承擔更新任何前瞻性陳述的義務。

And now I'll turn the call over to Alex.

現在我將電話轉給亞歷克斯。

Thank you, Katherine. We had a strong 2024 delivering record full year revenue, adjusted EBITDA growth, and powerful product innovation that fueled the expansion of our leading digital automotive platform. Revenue of $719 million was up 4% year over year, and we drove nearly a full point of marginal improvement. Free cash flow of $128 million also reached a multi-year high, reflecting operating discipline and the strength of our asset-light business model.

謝謝你，凱瑟琳。我們在 2024 年表現強勁，實現了創紀錄的全年收入、調整後的 EBITDA 成長以及強大的產品創新，推動了我們領先的數位汽車平台的擴張。7.19 億美元的營收比去年同期成長了 4%，我們幾乎實現了整整一個點的邊際改善。1.28 億美元的自由現金流也達到了多年來的最高水平，反映了我們的經營紀律和輕資產業務模式的實力。

For the fourth quarter, we extended our track record to 17 consecutive quarters of year-over-year revenue growth. OEM and National meaningfully outperformed, up 15% year over year to its best quarterly revenue since 2021. On the bottom line, our strong cost discipline enabled us to exceed adjusted EBITDA margin expectations.

第四季度，我們的營收已連續 17 個季度年增。OEM 和 National 表現顯著優異，年增 15%，創下 2021 年以來的最佳季度營收。從根本上來說，我們嚴格的成本控制使得我們超越了調整後的 EBITDA 利潤率預期。

More broadly, we're seeing increased dealer engagement and usage of our solutions and just crossed the 1,000-subscriber mark for AccuTrade and for Cars.com, we're also seeing continued robust trafficking heading into 2025, reinforcing our marketplace leadership. Altogether, the momentum behind our diverse growth drivers gives us confidence that we can operate through dynamic economic conditions and accelerate growth throughout the year.

更廣泛地說，我們看到經銷商的參與度和我們解決方案的使用率不斷提高，AccuTrade 和 Cars.com 的用戶數量剛剛突破 1,000 名，我們還看到 2025 年的交易量將繼續保持強勁，從而鞏固了我們的市場領導地位。總而言之，多元化成長動力讓我們有信心在動態的經濟條件下運營，並在全年加速成長。

Our platform vision is differentiated and clear with best-in-class solutions that enable automotive retail and wholesale operations with tangible results. We've made significant progress to bring new and innovative products to market in the past year, culminating in our most recent acquisition of DealerClub.

我們的平台願景是差異化的、清晰的，擁有一流的解決方案，為汽車零售和批發業務帶來實際的成果。在過去的一年裡，我們在將新的創新產品推向市場方面取得了重大進展，最終完成了最近對 DealerClub 的收購。

Each solution on our platform is connected and empowers dealerships to participate in a race to the top, focused on efficiency, quality, and reputation to win consumers rather than a race to the bottom on lead arbitrage and forced price cuts that lure consumers but erode dealer profitability.

我們平台上的每個解決方案都是互聯的，並使經銷商能夠參與到競爭中，專注於效率、品質和聲譽來贏得消費者，而不是透過領先套利和強制降價來吸引消費者，但卻侵蝕經銷商的獲利能力。

In 2025, we're focused on accelerating our growth by increasing sales velocity, improving our packaging and value delivery, and continuing to bring new innovative products and enhancements to market. Our execution in 2024 and early Q1 provides us with a strong springboard to achieve these goals. To support these initiatives, we are pleased to announce the appointment of Lisa Gosselin as our new Chief Commercial Officer.

2025 年，我們將專注於透過提高銷售速度、改進包裝和價值交付以及繼續向市場推出新的創新產品和增強功能來加速我們的成長。我們在 2024 年和第一季初的執行為我們實現這些目標提供了強有力的跳板。為了支持這些舉措，我們很高興地宣布任命 Lisa Gosselin 為我們的新商務長。

Lisa is a transformative leader with a proven track record of accelerating revenue growth and go-to-market strategies across fast, ad tech, and data. We're excited to have her guide the next phase of our commercial strategy focusing on key growth drivers such as dealer customer growth and unlocking the cross-sell.

Lisa 是一位變革型領導者，在加速快速、廣告技術和數據方面的收入成長和市場進入策略方面擁有豐富的經驗。我們很高興能由她指導我們商業策略的下一階段，重點放在經銷商客戶成長和解鎖交叉銷售等關鍵成長動力。

We're also grateful to Doug Miller, who oversaw the expansion of our platform through multiple acquisitions, launched our unified cars commerce commercial brand, and created an inspiring sales culture that we're proud to build upon.

我們也要感謝道格·米勒 (Doug Miller)，他透過多次收購監督了我們平台的擴展，推出了統一的汽車商業品牌，並創造了一種讓我們感到自豪的鼓舞人心的銷售文化。

Now let's turn to a review of our Q4 performance and our 2025 growth priorities across each area of our business. Starting with AccuTrade, we're now in over 1,000 dealerships changing how the industry acquires used cars. Dealers increasingly view AccuTrade as a valuable tool to source trade-ins, driving annual appraisal volume up 35% year over year, and the number of vehicles being acquired post-appraisal per dealer was up 23% year over year in Q4.

現在讓我們回顧一下我們第四季的業績以及我們各個業務領域的 2025 年成長重點。從 AccuTrade 開始，我們現在已經涵蓋 1,000 多家經銷店，正在改變產業購買二手車的方式。經銷商越來越多地將 AccuTrade 視為獲取以舊換新的寶貴工具，推動年度評估量同比增長 35%，第四季度每個經銷商在評估後購買的汽車數量同比增長 23%。

As we build our sales pipeline, we're pleased to announce eight new OEM endorsements for AccuTrade, for Maserati, BMW, Mini, Subaru, and Genesis, just to name a few. Endorsements play a key role in driving dealer adoption of new tools. Close to 30% of AccuTrade franchise dealer launches in Q4 were associated with dealers who have the option to utilize AccuTrade as an endorsed trade-in and appraisal solution.

在我們建立銷售管道的同時，我們很高興地宣布 AccuTrade 獲得了八個新的 OEM 認可，其中包括瑪莎拉蒂、寶馬、Mini、斯巴魯和 Genesis，僅舉幾例。代言在推動經銷商採用新工具方面發揮關鍵作用。在第四季推出的 AccuTrade 特許經銷商中，近 30% 與可以選擇使用 AccuTrade 作為認可的以舊換新和評估解決方案的經銷商有關。

Based on a typical two- to three-month AccuTrade sales cycle, these recent endorsements from December and January should begin to contribute more meaningfully to launch volume in the second quarter and lift ARPD, and we're excited to expand AccuTrade's capabilities, which I'll talk about in a moment.

根據典型的兩到三個月的 AccuTrade 銷售週期，12 月和 1 月的這些最新認可應該會開始對第二季度的發行量做出更有意義的貢獻並提升 ARPD，我們很高興能夠擴展 AccuTrade 的功能，我稍後會談到。

Our Cars.com marketplace continues to dominate consumer mindshare and deliver in-market shoppers and high-quality traffic and leads to dealers at scale. In the fourth quarter, we reached over 23 million shoppers who collectively drove over 143 million visits to Cars.com. Repeat visitation was up 6% year over year and it's been up each quarter of 2024 as we win high intent buyers through continuous product innovation.

我們的 Cars.com 市場繼續佔據消費者心智份額，並大規模地吸引市場購物者和高品質流量，從而引導經銷商。第四季度，我們涵蓋了超過 2,300 萬名購物者，總計為 Cars.com 帶來了超過 1.43 億次訪客。由於我們透過不斷的產品創新贏得了有強烈意向的買家，重複訪問量同比增長了 6%，並且 2024 年每個季度的重複訪問量都在增長。

In fact, in December we led our competition on monthly unique visitors and average time on site, giving us a strong start to 2025 and a powerful signal that our brand investments, AI-enhanced shopping tools, leading user experience, and proprietary content are winning over consumers.

事實上，12 月我們在月獨立訪客數量和平均網站停留時間方面領先於競爭對手，這為我們 2025 年開了個好頭，也強烈表明我們的品牌投資、人工智慧增強型購物工具、領先的用戶體驗和專有內容正在贏得消費者的青睞。

Recall over 60% of our traffic mix is also organic, and we're invested to sustain this leadership through editorial and brand marketing, such as our annual Best Of Awards that were just announced in February. This strategy yields greater long-term benefits and sustained advantages for our brand.

回想一下，我們 60% 以上的流量組合也是有機的，並且我們致力於透過編輯和品牌行銷來維持這一領導地位，例如我們二月份剛剛宣布的年度最佳獎。這項策略將為我們的品牌帶來更大的長期利益和持續優勢。

Based on its consistently strong marketplace performance, our primary goals this year are to help dealers better understand attribution from Cars.com traffic and leads, enhanced packaging with complimentary features, and aligned pricing with value delivery. Helping dealers gain clarity on attribution immediately elevates our impact, embeds us within dealership operations, and highlights the competitive advantage of utilizing our proprietary data insights.

基於其持續強勁的市場表現，我們今年的主要目標是幫助經銷商更好地了解 Cars.com 流量和潛在客戶的歸因、透過免費功能增強包裝以及使定價與價值交付保持一致。幫助經銷商明確歸因可以立即提升我們的影響力，將我們融入經銷商營運中，並凸顯利用我們專有數據洞察的競爭優勢。

For instance, Cars.com delivers more traffic to dealer websites than our peers, and that traffic converts 70% better than Google, where dealers spend the majority of their budgets. We anticipate packaging more of our platform value like additional media into our dealer offering to drive optimal outcomes for customer needs, especially knowing that customers who adopt more than one solution see double the volume of leads and consumer engagement.

例如，Cars.com 為經銷商網站帶來的流量比我們的同行要多，而且該流量的轉換率比 Google 高出 70%，而經銷商的大部分預算都花在了 Google 上。我們期望將更多的平台價值（如附加媒體）整合到我們的經銷商產品中，以推動滿足客戶需求的最佳結果，尤其是了解到採用多種解決方案的客戶的潛在客戶數量和消費者參與度將增加一倍。

For dealer, websites we see parallel growth opportunities to our marketplace initiatives. We power over 7,600 Dealer Inspire and D2C websites in the fourth quarter, and D2C specifically has reached 1,100 customers in Canada. Based on the product enhancements we have made with websites, our focus for the year is on repackaging, legacy agreements, and migrating customers into higher tier packages that better capture the true capabilities and synergies of our platform.

對於經銷商網站，我們看到與我們的市場計劃並行的成長機會。我們在第四季度為超過 7,600 個 Dealer Inspire 和 D2C 網站提供支持，其中 D2C 在加拿大已擁有 1,100 個客戶。根據我們對網站所做的產品增強，我們今年的重點是重新包裝、遺留協議以及將客戶遷移到更高級別的套餐，以更好地體現我們平台的真正能力和協同效應。

We also expect our OEM and national business to be an important contributor to total enterprise growth in 2025. In Q4, OEM and national revenue was up 15% year over year, handily exceeding our expectations and pushing full year growth to 18%. As inventory levels normalize, we believe more manufacturers will increase marketing investment to reach in-market shoppers.

我們也預計，我們的 OEM 和全國業務將成為 2025 年企業整體成長的重要貢獻者。第四季度，OEM和國內收入年增15％，輕鬆超出我們的預期，並推動全年增長率達到18％。隨著庫存水準恢復正常，我們相信更多製造商將增加行銷投入以吸引市場購物者。

Already in 2025 upfronts, which are marketing dollars committed to us by OEMs at the start of the year, are up double digits year over year. We expect to win incremental OEM dollars on top of committed spending, not only through media but also with products like New Car Hub, which the majority of our OEM partners have expressed interest in testing during 2025.

到 2025 年，預付款（即 OEM 在年初向我們承諾的營銷費用）已經同比增長了兩位數。我們希望在承諾的支出的基礎上贏得額外的 OEM 資金，不僅透過媒體，還可以透過 New Car Hub 等產品，我們的大多數 OEM 合作夥伴都表示有興趣在 2025 年對其進行測試。

Looking ahead, our 2025 product roadmap aims to deepen differentiation and stimulate cross-selling across our platform, particularly with our newly expanded trade, appraisal, and now connected wholesale marketplace.

展望未來，我們的 2025 產品路線圖旨在深化差異化並刺激整個平台的交叉銷售，特別是透過我們新擴展的貿易、評估和現已連接的批發市場。

In January, we announced the acquisition of DealerClub, a reputation-based dealer-to-dealer wholesale marketplace that strategically augments our platform capabilities. This deal launches us into a $10 billion wholesale market with clear and distinct value proposition.

今年 1 月，我們宣布收購 DealerClub，這是一家基於信譽的經銷商對經銷商批發市場，從策略上增強了我們平台的能力。這筆交易使我們進入了一個具有明確而獨特價值主張的價值 100 億美元的批發市場。

First, our transparent auctions with seller ratings create more successful transactions while lowering arbitration risks and costs. Inception, less than 1% of DealerClub's auctions have resulted in meaningful arbitration or goodwill expense.

首先，我們的透明拍賣和賣家評級可以創造更多成功的交易，同時降低仲裁風險和成本。成立之初，DealerClub 的拍賣中只有不到 1% 導致了有意義的仲裁或商譽費用。

Second, integration with AccuTrade's market-leading valuation algorithms and condition reports are superior to manual inspections for appraisal velocity and accuracy.

其次，與 AccuTrade 市場領先的估值演算法和狀況報告的整合在評估速度和準確性方面優於人工檢查。

And finally, scaling with technology rather than a legacy labor model means a faster path to sustainable, profitable growth.

最後，利用技術而不是傳統的勞動力模式進行擴展意味著更快地實現可持續的獲利成長。

DealerClub also unlocks the full potential of our new inventory intelligence platform, or IIT, a disruptive inventory management system that offers AI and ML-powered inventory pricing and market insights drawn from our unparalleled first-party demand data.

DealerClub 也充分發揮了我們新庫存智慧平台 (IIT) 的潛力，這是一個顛覆性的庫存管理系統，可提供基於 AI 和 ML 的庫存定價和來自我們無與倫比的第一方需求數據市場洞察。

IIP's predictive analytics can estimate time on [lot], daily depreciation, and other variables which are used to create customized vehicle acquisition and exit strategies that optimize profit per vehicle. In other words, dealers can leverage IIP's real-time insights to evaluate the profitability and health of their on the lot inventory and quickly determine which vehicles should be retailed on our consumer marketplace or wholesale through DealerClub auction.

IIP 的預測分析可以估算 [批次] 時間、每日折舊和其他變量，用於建立客製化的車輛購買和退出策略，以優化每輛車的利潤。換句話說，經銷商可以利用 IIP 的即時洞察來評估其庫存的盈利能力和健康狀況，並快速確定哪些車輛應該在我們的消費者市場上零售或透過 DealerClub 拍賣批發。

As we look at the dealer inventory on our marketplace and dealer websites, we can identify on average over 200,000 cars on dealer lots that are over 90 days old. By leveraging our inventory intelligence platform, we can reduce the risk of diminishing returns on aging inventory and solve a real and persistent problem for dealers. And capturing even 1% of the wholesale market opportunity by directing these vehicles to DealerClub would mean $100 million-plus transactional revenue stream for the business.

當我們查看市場和經銷商網站上的經銷商庫存時，我們可以發現經銷商庫存中平均有超過 200,000 輛汽車的車齡超過 90 天。透過利用我們的庫存智慧平台，我們可以降低庫存老化收益遞減的風險，並為經銷商解決一個實際且持久的問題。將這些車輛引導至 DealerClub，即使只佔批發市場 1% 的機會，也意味著企業將獲得 1 億美元以上的交易收入。

Ultimately, we believe the ecosystem consisting of our Cars.com marketplace, AccuTrade, the inventory intelligence platform, and our DealerClub will make us essential for success. There's still meaningful product work to be done, but our teams are laser-focused on hitting critical development and integration milestones to speed our revenue capture, attract new dealers to our platform, and disrupt traditional auctions to drive the industry forward.

最終，我們相信由我們的 Cars.com 市場、AccuTrade、庫存智慧平台和 DealerClub 組成的生態系統將使我們成為成功的關鍵。仍有有意義的產品工作要做，但我們的團隊專注於實現關鍵的開發和整合里程碑，以加快我們的收入獲取，吸引新的經銷商加入我們的平台，並顛覆傳統拍賣，推動行業向前發展。

Collectively, new sales leadership, ongoing repackaging work, and accelerated product innovation and expansion are the basis for achieving sustained organic growth for 2025 and beyond. These initiatives also position us for improvement in dealer count and ARPD as overall growth compounds in the second half of the year.

總的來說，新的銷售領導力、正在進行的重新包裝工作以及加速的產品創新和擴張是實現 2025 年及以後持續有機成長的基礎。這些措施也有利於我們在下半年整體成長複合的情況下提高經銷商數量和 ARPD。

We have numerous opportunities ahead and are committed to driving continuous improvement on both the top and bottom line as we grow our industry-leading platform and solutions while scaling DealerClub and adding a new transactional revenue stream to our mix.

我們擁有無數的機遇，我們致力於在發展行業領先的平台和解決方案的同時，擴大 DealerClub 的規模並為我們的交易收入來源增加新的交易收入來源，從而推動營收和利潤的持續改善。

Now I'll turn the call over to Sonia to discuss our fourth-quarter financial performance and our outlook.

現在我將把電話轉給索尼婭，討論我們第四季的財務表現和前景。

Thank you, Alex. Our 2024 performance reflects our ability to deliver sustained profitable growth through focused execution in this dynamic operating environment. We ended the year with fourth-quarter revenue of $180.4 million, a new quarterly record powered by OEM and national growth of 15% year over year. Around half of our OEM partners increase their spending year over year, and five partners reached their highest ever fourth-quarter spend, and we believe there is still opportunity for continued growth.

謝謝你，亞歷克斯。我們的 2024 年業績反映了我們在這種充滿活力的營運環境中透過專注的執行實現持續獲利成長的能力。我們以 1.804 億美元的第四季度收入結束了這一財年，創下了新的季度記錄，這得益於 OEM 和全國範圍內的同比增長 15%。我們的大約一半的 OEM 合作夥伴的支出同比增加，其中五家合作夥伴的第四季度支出達到了歷史最高水平，我們相信仍有繼續增長的機會。

OEM demand for our marketing and advertising products strengthened each month in Q4, and as Alex mentioned earlier, this momentum has translated into meaningfully higher 2025 upfront.

我們的行銷和廣告產品的 OEM 需求在第四季度每個月都在增強，正如 Alex 之前提到的，這種勢頭已經轉化為 2025 年預付款的大幅增加。

While dealer revenue was robust, it was down slightly year over year in the fourth quarter. We continued to experience some pressure on dealer advertising revenue while our solutions performed well.

儘管經銷商收入強勁，但第四季同比略有下降。儘管我們的解決方案表現良好，但我們的經銷商廣告收入仍面臨一些壓力。

AccuTrade sales were particularly strong throughout the quarter, and December was the second highest month of AccuTrade net launches for the year. Marketplace performance was affected by some expected seasonal softness, with slightly elevated churn and fewer upgrades in Q4 weighing on both dealer accounts and ARPD. We are closely monitoring these trends and see leading indicators in January that better reflect our marketplace value delivery. The strong consumer metrics that Alex previously mentioned give us confidence in our ability to grow marketplace in 2025.

AccuTrade 的銷售在整個季度表現尤為強勁，12 月是 AccuTrade 淨推出量今年第二高的月份。市場表現受到一些預期的季節性疲軟的影響，第四季度客戶流失率略有上升，升級減少，對經銷商帳戶和 ARPD 均造成壓力。我們正在密切關注這些趨勢，並發現一月份的領先指標更好地反映了我們的市場價值交付。亞歷克斯之前提到的強勁的消費者指標讓我們對 2025 年市場成長的能力充滿信心。

Moving to operating expenses, fourth-quarter expenses were $161 million compared to $165 million a year ago, down over 2% year over year, primarily from lower marketing and sales spends. Fourth-quarter adjusted operating expenses were $150 million, roughly flat to the same period a year ago. Product and technology expenditures increased $4 million year over year on both a reported and adjusted basis. The majority of this increase supported compensation for new technical talents, enhanced investment in information security and infrastructure, and additional backend software.

至於營運費用，第四季的營運費用為 1.61 億美元，而去年同期為 1.65 億美元，年減超過 2%，主要原因是行銷和銷售支出減少。第四季調整後的營業費用為 1.5 億美元，與去年同期基本持平。無論按報告或按調整後計算，產品和技術支出都比去年同期增加了 400 萬美元。成長的大部分資金用於支持新技術人才的補償、加強資訊安全和基礎設施的投資以及增加後端軟體。

Marketing and sales costs decreased $5 million year over year on both a reported and adjusted basis, reflecting continuous improvements in marketing efficiency that allow us to maintain brand leadership even with reduced paid marketing investments.

行銷和銷售成本在報告和調整後均年減 500 萬美元，反映出行銷效率的持續提高，使我們能夠在減少付費行銷投資的情況下保持品牌領先地位。

General and administrative expense was $2 million lower year over year on a reported basis and up slightly on an adjusted basis. As a reminder, G&A includes $2.6 million of the D2C earnout, which is deemed compensation expense under GAAP and therefore including reported operating expenses.

以報告基礎計算，一般及行政開支較上年同期減少 200 萬美元，依調整後基礎計算則略有增加。提醒一下，G&A 包括 260 萬美元的 D2C 盈利，根據 GAAP 這被視為薪酬費用，因此包括報告的營運費用。

Net income for the fourth quarter was $17 million or $0.26 per diluted share compared to $8 million or $0.12 per diluted share in last year's fourth quarter, with an increase primarily attributable to the gain on sale of RepairPal in November. Adjusted net income for the fourth quarter was $33 million or $0.49 per diluted share, substantially similar year over year.

第四季淨收入為 1,700 萬美元，即每股攤薄收益 0.26 美元，而去年同期為 800 萬美元，即每股攤薄收益 0.12 美元，成長主要歸因於 11 月份出售 RepairPal 的收益。第四季調整後淨收入為 3,300 萬美元，即每股攤薄收入 0.49 美元，與去年同期基本持平。

Turning to adjusted EBITDA, our fourth-quarter results of $55 million was up slightly year over year. Adjusted EBITDA margin of 30.8% in the fourth quarter was consistent with the prior-year period due to strong cost discipline to preserve profitability despite softer-than-expected growth in the fourth quarter.

談到調整後的 EBITDA，我們第四季的業績為 5,500 萬美元，比去年同期略有成長。第四季調整後 EBITDA 利潤率為 30.8%，與去年同期一致，因為儘管第四季度的成長低於預期，但我們嚴格控製成本以保持獲利能力。

On the key metrics. Dealer counts of 19,206 dealer customers was down 49 dealers quarter over quarter, as expected, given seasonally slower dealer spend late in the fourth quarter. While we are optimistic for dealer growth in Q1, particularly given the strong pipeline of prospects that we built at NADA and are now actively closing, we may experience some pressure from targeted rate increases implemented at year end, which will elevate churn in the near term.

關於關鍵指標。經銷商數量為 19,206 家，季減 49 家，符合預期，因為第四季末經銷商支出季節性放緩。雖然我們對第一季經銷商的成長持樂觀態度，特別是考慮到我們在 NADA 建立的強大潛在客戶管道並且現在正在積極關閉，但我們可能會面臨年底實施的目標利率上調帶來的一些壓力，這將在短期內增加客戶流失。

In addition, we expect DealerClub to widen our sales funnel and attract new customers to our platform. Wholesale is an integral part of dealership operations, and we expect our transparent reputation-based approach to buying and selling vehicles will be compelling for dealers who seek a superior alternative to current opaque and expensive processes.

此外，我們希望 DealerClub 能夠拓寬我們的銷售管道並吸引新客戶加入我們的平台。批發是經銷商營運的重要組成部分，我們期望我們基於透明聲譽的車輛買賣方式將吸引那些尋求優於當前不透明和昂貴流程的替代方案的經銷商。

Our goal is to efficiently scale DealerClub by leveraging existing sales resources while investing in integrating our front-end and back-end systems. As such, we're prudently not factoring in a steep DealerClub revenue grant in 2025 at this time. However, we are pushing hard to sign up dealers with initial focus in the Southeast region, and we'll keep providing updates in future calls.

我們的目標是透過利用現有銷售資源同時投資整合我們的前端和後端系統來有效擴展 DealerClub。因此，我們謹慎地認為，目前我們不考慮 2025 年 DealerClub 的巨額收入補助。然而，我們正在努力簽約最初專注於東南地區的經銷商，並將在未來的電話會議中繼續提供更新資訊。

Switching to ARPD, fourth-quarter ARPD of $2,475 was effectively flat quarter over quarter. ARPD was down $48 year over year, reflecting the aforementioned lower customer accounts and less upgrade activity in the quarter. We believe we can return to ARPD expansion in the year ahead with multiple initiatives underway across the breadth of our business to package more value into our marketplace, dealer websites, and media subscriptions.

至於 ARPD，第四季的 ARPD 為 2,475 美元，與上一季基本持平。ARPD 年減 48 美元，反映出本季前文提到的客戶帳戶減少和升級活動減少。我們相信，透過在我們業務的各個領域開展多項舉措，我們可以在來年恢復 ARPD 擴張，為我們的市場、經銷商網站和媒體訂閱帶來更多價值。

The wave of AccuTrade endorsements that we want in Q4 also opens up meaningful opportunities to drive further product adoption. Approximately 35% of our customer base is affiliated with OEM, who have endorsed our trade and appraisal technology, providing us with a robust sales pathway.

我們希望在第四季度獲得的 AccuTrade 認可浪潮也為推動進一步的產品採用開闢了有意義的機會。我們約有35％的客戶群與OEM有關聯，他們認可我們的貿易和評估技術，為我們提供了強大的銷售管道。

And finally, new dealers acquired through DealerClub will also be funneled into our cross-selling opportunities, especially for complementary solutions like Marketplace and AccuTrade, providing yet another lever for ARPD growth.

最後，透過 DealerClub 獲得的新經銷商也將融入我們的交叉銷售機會中，特別是 Marketplace 和 AccuTrade 等互補解決方案，為 ARPD 成長提供另一個槓桿。

Now shifting to our balance sheet. Net cash provided by operating activities totaled $153 million for the year. Free cash flow was $128 million for the same period, the highest level since 2018, and roughly $12 million higher year over year. Free cash flow increased primarily from adjusted EBITDA growth of $15 million year over year.

現在轉向我們的資產負債表。全年經營活動產生的淨現金總額為 1.53 億美元。同期自由現金流為 1.28 億美元，為 2018 年以來的最高水平，年增約 1,200 萬美元。自由現金流的增加主要來自調整後的 EBITDA 年增 1500 萬美元。

During the fourth quarter, we purchased approximately 800,000 shares for $13.5 million and achieved our commitment to return approximately 50% of second half cash flow to shareholders via share repurchase. In 2024, we repurchased 2.8 million shares for $49 million. I'm also pleased to announce a new share repurchase authorization of $250 million over a three-year term, which refreshes and increases our prior $200 million authorization.

第四季度，我們以 1,350 萬美元的價格回購了約 80 萬股股票，並實現了透過股票回購向股東返還下半年約 50% 現金流的承諾。2024 年，我們以 4,900 萬美元回購了 280 萬股。我還很高興地宣布，新的三年期股票回購授權金額為 2.5 億美元，這將刷新並增加我們之前的 2 億美元授權金額。

Returning capital to shareholders remains a capital allocation priority, and we are targeting share repurchases totaling $60 million to $70 million for 2025.

向股東返還資本仍然是資本配置的重點，我們的目標是到 2025 年回購總額達到 6,000 萬至 7,000 萬美元。

In terms of our liquidity and leverage, we repaid $30 million of debt for the full year, reducing total debt outstanding to $460 million as of December 31, 2024. Our total net leverage remains at 2 times, the low end of our target range of 2 times to 2.5 times. Total liquidity increased to $341 million as of December 31, 2024, providing ample resources to fund our growth strategy and create sustainable value for shareholders.

在流動性和槓桿方面，我們全年償還了 3,000 萬美元的債務，截至 2024 年 12 月 31 日，未償還債務總額減少至 4.6 億美元。我們的總淨槓桿率維持在2倍，這是我們2倍至2.5倍目標範圍的低端。截至 2024 年 12 月 31 日，總流動資金增加至 3.41 億美元，為我們的成長策略提供充足的資源並為股東創造永續價值。

Now I'll conclude with first-quarter and full year 2025 guidance. For the first quarter, we expect to deliver revenue between $178 million and $181 million. Recall that dealer revenue expectations are premised on our fourth-quarter exit rate, which was slightly down year over year, and that our most significant repackaging work for 2025 is slated for mid-year.

現在，我將總結 2025 年第一季和全年的業績指引。我們預計第一季的營收將在 1.78 億美元至 1.81 億美元之間。回想一下，經銷商收入預期是基於我們第四季度的退出率而定的，該退出率同比略有下降，而我們 2025 年最重要的重新包裝工作計劃在年中完成。

OEM and national revenue is expected to continue growing on a year-over-year basis based on sustained demand for our marketing and advertising solutions. Based on quarter to date performance, we expect Q1 revenue to be consistent with the prior-year period.

基於對我們的行銷和廣告解決方案的持續需求，OEM 和國家收入預計將繼續同比增長。根據本季迄今的表現，我們預計第一季的營收將與去年同期保持一致。

For the full year, we anticipate revenue of $745 million to $755 million driven by growth initiatives related to product adoption, the aforementioned repackaging work, and new launches, including DealerClub. I also want to note that several of these initiatives, while ongoing, are also more likely to be back half weighted, and as such, we anticipate first half growth to be roughly 1.5% to 2% year over year.

我們預計全年營收將達到 7.45 億美元至 7.55 億美元，這得益於與產品採用、前述重新包裝工作以及包括 DealerClub 在內的新產品發布相關的成長計劃。我還想指出的是，這些舉措雖然正在進行中，但也更有可能被後半部分所加權，因此，我們預計上半年的成長率將達到約 1.5% 至 2%。

Adjusted EBITDA margin for the first quarter of 2025 is expected to be between 25.5% and 27%, down slightly year over year and reflecting our revenue guidance and investment in DealerClub as we look to quickly integrate the business into our platform. Adjusted EBITDA margin outlook for fiscal 2025 is between 29% to 31%, or adjusted EBITDA growth of 7% year over year when taking the midpoint of the range. We expect improvements in sales velocity coupled with sustained cost discipline will continue to deliver strong operating leverage.

2025 年第一季的調整後 EBITDA 利潤率預計在 25.5% 至 27% 之間，年比略有下降，反映了我們的收入指導和對 DealerClub 的投資，因為我們希望將業務快速整合到我們的平台中。2025 財年的調整後 EBITDA 利潤率預期在 29% 至 31% 之間，或取該範圍的中間值，調整後的 EBITDA 年成長 7%。我們預期銷售速度的提高加上持續的成本控制將繼續帶來強勁的營運槓桿。

We are well positioned to drive accelerated organic growth, expand adjusted EBITDA margins, and thoughtfully return capital to shareholders as we execute on our platform strategy. We look forward to updating you on our progress as we push our industry forward.

在執行平台策略的過程中，我們已做好準備，加速有機成長，擴大調整後的 EBITDA 利潤率，並向股東提供周到的資本回報。我們期待向您通報我們推動產業進步過程中所取得的進展。

And with that, I'd like to open the call for Q&A. Operator?

現在，我想開始問答環節。操作員？

(Operator Instructions) Tom White, D.A. Davidson.

（操作員指示）湯姆懷特，D.A.戴維森。

Two, if I could. I guess, on the full year revenue guidance, so I think the midpoint is like a 4% growth. Can you maybe just talk a little bit about what your kind of implied expectations or what that reflects about marketplace growth in '25 or maybe just kind of total dealer revenues?

如果可以的話，有兩個。我想，根據全年收入指引，我認為中間點是 4% 的成長率。您能否稍微談談您的隱含預期，或者這反映了 25 年的市場成長情況，或者只是經銷商的總收入？

And then in terms of DealerClub impact, I heard a couple of different things. I thought you said that there -- in the beginning, maybe the prepared remarks, that there wasn't going to be a contribution kind of baked into the outlook, but then it sounded like maybe there is just -- what's the impact from DealerClub?

關於 DealerClub 的影響，我聽到了幾個不同的情況。我以為你說過——一開始，也許是準備好的評論，不會有任何貢獻被納入到展望中，但後來聽起來可能只是——DealerClub 會產生什麼影響？

And then I just have one follow-up on the quarter. Thanks.

然後我對本季度只進行一次跟進。謝謝。

Thanks for the question, Tom. So I think regarding full year revenue growth, we're expecting roughly two-thirds of our incremental growth in 2025 to come from dealer revenue. It will be a combination of marketplace as well as our upsells, including websites, AccuTrade, and media products. Obviously, as you can imagine, we have a huge opportunity to continue to push cross-selling opportunities given the already large installed marketplace base.

謝謝你的提問，湯姆。因此我認為就全年營收成長而言，我們預計 2025 年增量成長的約三分之二將來自經銷商收入。它將是市場和我們的追加銷售的組合，包括網站、AccuTrade 和媒體產品。顯然，正如您所想像的，考慮到已經龐大的安裝市場基礎，我們有巨大的機會繼續推動交叉銷售機會。

But we would expect, again, two-thirds of the revenue growth to be coming from marketplace and as you probably took away from our guidance, it is a little bit back half weighted for 2025 given the timing of initiatives and the time it takes for those to ramp into like a fully quarterized annualized number.

但是，我們再次預計，三分之二的收入成長將來自市場，而且正如您可能從我們的指導中了解到的那樣，考慮到計劃的時間安排以及這些計劃需要的時間才能達到完全季度化的年化數字，2025 年的加權略有下降。

Okay, and then just -- and I'm sorry, was there any presumed kind of DealerClub contribution there?

好的，然後——抱歉，那裡是否有任何假定的 DealerClub 貢獻？

Oh, sorry, I didn't mean to forget that question. So on DealerClub, we're focused right now on really getting the business integrated. As mentioned, we're actively targeting a handful of regions to really drive depth and take with dealers.

哦，抱歉，我不是故意忘記這個問題的。因此，對於 DealerClub，我們現在專注於真正實現業務整合。如上所述，我們正積極瞄準少數幾個地區，以真正推動深度並與經銷商合作。

Our launch at NADA, our announcement at NADA was really well received, so we feel really optimistic about the business. But to your point, no, we have not baked in a ton of revenue at this point in time just as we focus on getting the business going.

我們在 NADA 的發布會和公告受到了熱烈的歡迎，因此我們對業務感到非常樂觀。但正如您所說，目前我們還沒有實現大量的收入，因為我們只是專注於開展業務。

Okay, understood. And then just on the quarter itself, I was hoping you could just unpack a little bit kind of what happened to dealer revenues. If I remember from your last earnings call, I think you talked about like October, you're seeing kind of month-over-month dealer editions kind of across all product lines.

好的，明白了。然後就本季而言，我希望您能夠稍微解釋一下經銷商收入發生的變化。如果我記得您上次的財報電話會議中說過，例如在十月份，您會看到所有產品線的月度經銷商版本都有所增加。

So just trying to kind of understand what happened as the quarter progressed and I don't know, maybe it was something in kind of media solutions. Maybe just explain if it was sort of core listings, softness or other parts of what's in dealer revenue? Thanks.

所以只是想了解隨著本季度的進展發生了什麼，我不知道，也許是某種媒體解決方案。也許只是解釋一下這是否是核心上市、軟度或經銷商收入的其他部分？謝謝。

Yeah, we typically do see seasonal softness in Q4 and as inventory levels normalized and dealers started to see profit compression on gross profit, there's always a natural pullback. So we did see a lot of our media solutions get pulled back in the fourth quarter, which has a little impact obviously on Q1 because of our Q4 exit rate. But we've seen this cycle before and now that inventory levels are back up on dealer lots, there is a return and we're seeing good momentum in the first quarter, just like we've seen in prior cycles.

是的，我們通常會在第四季度看到季節性疲軟，隨著庫存水準正常化以及經銷商開始看到毛利的壓縮，總是會出現自然的回調。因此，我們確實看到很多媒體解決方案在第四季度被撤回，這顯然對第一季產生了一點影響，因為我們第四季的退出率。但我們之前已經看到過這種週期，現在經銷商的庫存水平已經回升，出現了回報，我們在第一季看到了良好的勢頭，就像我們在之前的周期中看到的那樣。

Okay, thanks. I'll get back in the queue.

好的，謝謝。我會回到隊列中。

Naved Khan, B. Riley Securities.

Naved Khan，B.Riley Securities。

Great, thank you very much. I have two questions. One on active trade, customer account growth, so you added 15 net for the quarter. It seems like December was a strong month, but just talk about maybe the retention in the base that you are seeing and how much of that is going to be contributed to growth going forward versus these -- obviously, the endorsements should help?

太好了，非常感謝。我有兩個問題。一個是活躍交易，一個是客戶帳戶成長，因此本季淨增加 15 個。看起來十二月是一個強勁的月份，但只是談論一下您所看到的基礎保留情況，以及其中有多少將對未來的增長做出貢獻——顯然，這些認可應該會有所幫助？

And usually, what's your sort of success in terms of an OEM and winning an endorsement from an OEM and then having it translated into sales? So that's on AccuTrade. The other question I had is around margins. At the midpoint, I think your guidance assumes like 100 basis points improvement year on year. I'm just trying to think what are the drivers for that? Is that mostly marketing expense or other lines, other OpEx items? Just talk about that a little bit.

通常，您在 OEM 方面取得的成功是什麼樣的？您是否贏得了 OEM 的認可，並將其轉化為銷售？這就是 AccuTrade 的情況。我的另一個問題是關於利潤。從中間點來看，我認為您的指導假設是比去年增加 100 個基點。我只是想知道這背後的驅動因素是什麼？這主要是行銷費用還是其他業務或營運支出項目？就稍微談論一下這個。

And DealerClub, obviously, you said you're not asumming of a revenue contribution there but does it affect margins, at all? Thank you.

還有 DealerClub，顯然，您說過您不會假設那裡有收入貢獻，但它對利潤率有影響嗎？謝謝。

Thank you for your questions. Well, first of all, on AccuTrade, we were really pleased with the momentum that we demonstrated with the business in Q4, not only on gross sales and the pipeline expansion there, but obviously to your comment on the retention front, appraisal volume which we track closely is up a healthy 5% quarter over quarter, but as I mentioned on the call, from Q1 to Q4 appraisals are up 13%.

感謝您的提問。嗯，首先，對於 AccuTrade，我們對第四季度業務所展現的勢頭感到非常滿意，不僅是總銷售額和渠道擴張，而且顯然對於您在保留方面的評論，我們密切跟踪的評估量環比增長了 5%，但正如我在電話中提到的，從第一季度到第四季度的評估增長了 13%。

We're seeing that dealers are averaging 14% higher vehicles appraised via AccuTrade in Q4, and they're also buying more cars. Average dealer we can see through the appraisal technology that are buying about 19 cars a month through the platform. And so when you think about the auction fees for that kind of volume of vehicle acquisition and the fact that that inventory is fresher and creates a new sales opportunity, we think this product and platform is very disruptively priced and has tons of headroom on value.

我們發現，第四季經銷商透過 AccuTrade 對車輛的估價平均提高了 14%，而且他們購買的汽車也更多了。我們可以透過評估技術看到，平均每個經銷商每月透過該平台購買約19輛汽車。因此，當您考慮到這種數量的車輛收購的拍賣費用，以及庫存更新鮮並創造了新的銷售機會的事實時，我們認為該產品和平台的定價非常具有顛覆性，並且具有巨大的價值提升空間。

We believe there's pricing opportunities with AccuTrade over time, but it starts with increasing usage. I think the reason that DealerClub was so well received at NADA is because AccuTrade dealers now having one click ejection to a wholesale marketplace for any vehicles that they don't want to retail. It's going to be a huge benefit once we integrate that technology and provide that capability so that a dealer can appraise a car and then launch it in a retail or wholesale market, depending on its desirability with singular -- without any (inaudible) of the data is a massive operational benefit that the AccuTrade dealer network will appreciate.

我們相信，隨著時間的推移，AccuTrade 會帶來定價機會，但這要從使用量的增加開始。我認為 DealerClub 在 NADA 受到如此熱烈歡迎的原因在於 AccuTrade 經銷商現在可以透過一次點擊將他們不想零售的任何車輛彈出到批發市場。一旦我們整合該技術並提供該功能，經銷商就可以對汽車進行評估，然後根據其需求將其投放到零售或批發市場，這將帶來巨大的好處 - 無需任何（聽不清楚）數據，AccuTrade 經銷商網路將獲得巨大的營運優勢。

I think the OEM endorsements, as we sit on the call, 30% of our volume in Q4 came from OEMs that had previously endorsed AccuTrade. And so the fact that we've added eight new OEM endorsements certainly gives our sales force a fortified reason to get dealers to lean into this solution, and we think that will build closer towards the second quarter because it just takes time for dealers to implement AccuTrade in their store.

我認為，正如我們在電話會議上所說，OEM 的認可，第四季度 30% 的交易量來自先前已經認可 AccuTrade 的 OEM。因此，我們增加了 8 個新的 OEM 認可這一事實無疑為我們的銷售人員提供了一個強有力的理由來讓經銷商傾向於這一解決方案，我們認為這將在第二季度更接近實現，因為經銷商需要時間在他們的商店實施 AccuTrade。

And so the endorsements now are important, but we think that'll have a bigger impact on the second half. I'll let -- Sonia, if you want to take the comment on the margin midpoint and the drivers there?

因此，現在的代言很重要，但我們認為這將對下半年產生更大的影響。我會讓——索尼婭，你是否想對利潤中點及其驅動因素發表評論？

Yeah, no, I'm happy to. So related to margins, you're right, we did not bake in a huge revenue contribution from dealer Club. However, we have, in my opinion, prudently built in costs products associated with integrating and scaling the business. So that is having an impact on margins and putting a little bit of downward pressure on margins because we have baked the cost side into the equation here.

是的，不，我很樂意。因此，就利潤率而言，您說得對，我們並沒有將經銷商俱樂部的巨額收入貢獻考慮在內。然而，我認為，我們已經審慎地考慮了與整合和擴大業務相關的成本產品。所以這對利潤率產生了影響，並對利潤率產生了一點下行壓力，因為我們已經將成本方面納入了計算公式。

In terms of overall on a full year basis, the improvement in margins and the margin expansion, I would probably describe this as like a natural flow through benefit from the platform strategy. So as we're able to scale revenue and grow revenue, we would expect to see an increasing portion of that revenue then flow down to the bottom line.

就全年整體而言，利潤率的提高和利潤率的擴大，我可能會將其描述為平台策略帶來的自然流動效益。因此，隨著我們能夠擴大收入並增加收入，我們預計會看到越來越多的收入流入底線。

Thank you, Alex. Thank you, Sonia.

謝謝你，亞歷克斯。謝謝你，索妮亞。

Gary Prestopino, Barrington Research.

巴林頓研究公司的加里‧普雷斯托皮諾 (Gary Prestopino)

Good morning. I just want to be clear with the DealerClub integration. When will you have that fully completed? Are you looking for a launch in or the full integration to be completed by -- by the end of 2025?

早安.我只是想清楚了解 DealerClub 的整合。你什麼時候能徹底完成它？您是否希望在 2025 年底前啟動或完成全面整合？

I certainly would hope so, Gary. We actually have been taking preorders and getting dealers to register, and by the way, the product is functional today. Dealers are selling cars on the club every day. In fact, we have over 900 dealers register based on our debut at NADA. So compare that to AccuTrade, which has taken us a year to get to 1,000 dealers, the fact that we had 900 enrollments for DealerClub at the onset is pretty incredible.

我當然希望如此，加里。實際上，我們一直在接受預訂，並讓經銷商進行註冊，順便說一下，該產品今天就可以投入使用。經銷商每天都在俱樂部銷售汽車。事實上，根據我們在 NADA 的首次亮相，已有超過 900 家經銷商註冊。因此，與 AccuTrade 相比，我們花了一年時間才獲得 1,000 家經銷商，而 DealerClub 在成立之初就擁有 900 名經銷商，這已經是相當不可思議了。

So we're scaling dealers every day and vehicles are being transacted on the platform today. As to the AccuTrade integration and the ability to one click eject cars into the auction, we expect that integration work to be done in the first half of this year, so you'll see some margin compression as we ramp up technology investments to integrate DealerClub and AccuTrade together, but I would hope that to be completed in the first half of this year, which is why we get back to great margin profile for the full year.

因此，我們每天都在擴大經銷商規模，並且今天車輛正在平台上進行交易。至於 AccuTrade 整合和一鍵將汽車彈出拍賣的能力，我們預計整合工作將在今年上半年完成，因此隨著我們加大技術投資以將 DealerClub 和 AccuTrade 整合在一起，您會看到利潤率有所壓縮，但我希望這項工作能在今年上半年完成，這就是我們全年利潤率恢復到高位的原因。

Okay, that's helpful. It just seems to me that this acquisition and the ability now as you have a headlight on one of your slides to manage the vehicle life cycle on a unified platform could really be a game changer. I mean, one click, you can appraise, one click, you can put the inventory value of the inventory, then you can either put it in the wholesale or retail channel. Is that what's exciting your dealer customers?

好的，這很有幫助。在我看來，這次收購以及現在您在投影片上看到的在統一平台上管理車輛生命週期的能力確實可能改變遊戲規則。我的意思是，單擊一下，您就可以進行評估，單擊一下，您就可以輸入庫存的庫存價值，然後您可以將其放入批發或零售渠道。這就是令你的經銷商客戶感到興奮的事情嗎？

And then I just have another question on how you're going to bundle list with AccuTrade to drive sales growth.

然後我還有一個問題，您將如何將清單與 AccuTrade 捆綁在一起以推動銷售成長。

Thanks, Gary. Our competition has a sort of a one trick pony, which is to recommend to dealers to lower the price of the car constantly, which just erodes dealers' profits, and our model's definitively different where we're rolling out inventory intelligence that shows dealers what the propensity for a vehicle to retail is, depending on the price point, the market. And as you know, some markets, geographies have a higher desirability for certain inventory than others.

謝謝，加里。我們的競爭對手有一種獨特的伎倆，那就是建議經銷商不斷降低汽車價格，但這只會侵蝕經銷商的利潤。而我們的模式則截然不同，我們推出的庫存情報可以向經銷商展示汽車零售的傾向，這取決於價格點和市場。如您所知，某些市場、地區對某些庫存的需求高於其他市場、地區。

And so, giving dealers the tools to be able to move vehicles to the most -- the highest yield outcome, whether that be retail or wholesale, we do think and know is a big major differentiator of our level playing field and our platform. And so the integration, we've got our AccuTrade dealers helping provide feedback to it. The inventory intelligence was co-developed with dealer partners providing us insights on what they disliked from existing IMS tools.

因此，我們確實認為並知道，為經銷商提供工具，使他們能夠將車輛銷售到最高效——無論是零售還是批發，都是我們公平競爭環境和平台的一大區別因素。因此，在整合過程中，我們讓 AccuTrade 經銷商協助提供回饋。庫存智慧是與經銷商合作夥伴共同開發的，為我們提供了他們不喜歡現有 IMS 工具的見解。

We've got market-leading technology both on inventory intelligence, AccuTrade, and DealerClub. Bringing that together is going to provide tremendous benefit. So obviously, we know that that gives us pricing power once we have dealers using the technology at scale. And so again, our choice right now is to be very low cost because we want to win adoption.

我們在庫存情報、AccuTrade 和 DealerClub 方面都擁有市場領先的技術。將這些結合起來將會帶來巨大的利益。因此顯然，我們知道，一旦經銷商大規模使用該技術，我們就擁有定價權。因此，我們現在的選擇是降低成本，因為我們想贏得採用。

But I think when you think about the value of eliminating auction fees or being able to source inventory from your customers as opposed to the traditional auction, we're dropping massive savings to our dealers' bottom lines and so our technology solutions, we have tremendous upside in price.

但我認為，當您考慮到取消拍賣費用或能夠從客戶那裡購買庫存（而不是傳統拍賣）的價值時，我們將為經銷商的底線節省大量資金，因此我們的技術解決方案在價格上有巨大的上漲空間。

Yeah, and I guess the question I would have is, AccuTrade the subscription, DealerClub is a transaction. As you package this, are you contemplating just bundling it and maybe getting an upcharge on the entire monthly fee for the subscription if you bundle? Or is it still going to be subscription and transaction for each product?

是的，我想我的問題是，AccuTrade 是訂閱，DealerClub 是一筆交易。當您打包這個時，您是否考慮只將其捆綁，並且如果捆綁的話，可能會在整個月度訂閱費用上加價？還是還是每個產品都要訂閱交易？

It's premature to signal exactly where we're going to go, but we have talked about -- one of the benefits of DealerClub is that we pay sellers to sell on the platform and that there's an opportunity for us to say that your seller fees are higher if you're a marketplace customer, so we want to incentivize dealers to use more of our platform. I think when we look at our pricing model, we have a great opportunity to provide incentives for dealers to consolidate more of their technology into our system because we're going to protect their data as if it was our own and then we're also going to be able to provide them operational benefits and ease that spot solutions can't deliver on.

現在就透露我們的具體行動還為時過早，但我們已經討論過了——DealerClub 的優勢之一是我們會向賣家付費讓他們在這個平台上銷售，而且我們可以告訴您，如果您是市場客戶，您的賣家費用會更高，所以我們希望激勵經銷商更多地使用我們的平台。我認為，當我們審視我們的定價模式時，我們有很好的機會激勵經銷商將更多的技術整合到我們的系統中，因為我們將像保護我們自己的數據一樣保護他們的數據，然後我們也將能夠為他們提供營運優勢和便利，這是現場解決方案無法提供的。

So yes, to the bundling question. We have opportunities. It's just premature for us and we'll test some different models in the first half of this year and hopefully align on a model that really motivates dealers to put more of their technology in our hands.

所以對於捆綁問題，答案是肯定的。我們有機會。對我們來說現在還為時過早，我們將在今年上半年測試一些不同的模型，並希望找到一個真正激勵經銷商將更多技術交到我們手中的模型。

Okay, thank you.

好的，謝謝。

Thank you, Gary.

謝謝你，加里。

Marvin Fong, BTIG.

BTIG 的 Marvin Fong。

Great, good morning. Thanks for taking my questions. I guess I'll just start on the quarter. It looked like, if I'm not mistaken, website solution customers take down quarter over quarter. I was hoping you could shed some light on the dynamics we should be aware of there. And then I guess I'll just ask the bigger picture question that's on the minds of pretty much everyone.

太好了，早安。感謝您回答我的問題。我想我應該從本季開始。如果我沒記錯的話，網站解決方案客戶的數量似乎逐季下降。我希望您能闡明我們應該注意的動態。然後我想我會問一個幾乎每個人都在想的更大的問題。

I think even this morning some more [saber] rattling about tariffs. How did you incorporate the macro uncertainty into your full year guidance and how should investors kind of interpret your confidence in achieving the range, given all the volatility?

我認為今天早上還會有一些關於關稅的威脅。您是如何將宏觀不確定性納入全年預期的？考慮到所有的波動性，投資人應該如何解讀您對實現此目標範圍的信心？

Sure, Marvin. Well, look, our website business was relatively flat in the quarter, but we still see tremendous upside, particularly as OEMs increased the requirements from a security and data standpoint. It's going to be very hard for a lot of the long-tailed players to keep up with the OEM requirements, and so we're well positioned, being endorsed by all OEMs to continue to build on this business. We're nowhere close to. 50% of the TAM here and so we see tremendous upside.

當然，馬文。嗯，看，我們的網站業務在本季度相對平穩，但我們仍然看到巨大的上升空間，特別是當 OEM 從安全和數據的角度提高了要求時。對於許多長尾參與者來說，滿足 OEM 要求將會非常困難，因此我們處於有利地位，並得到所有 OEM 的支持，可以繼續發展這項業務。我們還遠遠沒有達到。這裡的 TAM 為 50%，因此我們看到了巨大的上升空間。

Our Canadian business obviously is growing at a faster clip, which has got even more headroom, and we're the number one provider in Canada today. So I think OEM relationships are very key here. We're going through a repackaging exercise with the manufacturers to show them how we can integrate more technologies like trade-in, like instant finance. That can eliminate cost for dealers because right now they're spending extra money for stand-alone solutions that siphon traffic away from the platform and our technologies are native and integrated directly into the system of records.

我們的加拿大業務顯然正在以更快的速度成長，並且還有更大的發展空間，目前我們已成為加拿大第一大供應商。所以我認為 OEM 關係在這裡非常關鍵。我們正在與製造商進行重新包裝練習，向他們展示如何整合更多技術，例如以舊換新、即時融資。這可以消除經銷商的成本，因為現在他們正在花費額外的錢購買獨立的解決方案，以吸收平台上的流量，而我們的技術是原生的並直接整合到記錄系統中。

This industry is going to move towards consolidation, and we're positioned to be the market leader, I guess would be the short answer on it. I also think that integrating our technology will be key here. Our inventory intelligence platform giving dealer website customers added benefits that provide them diagnostics on their inventory is certainly a higher order value prop than just building their website.

這個產業將走向整合，而我們定位於成為市場領導者，我想這是對此的簡短答案。我還認為，整合我們的技術將是關鍵。我們的庫存智慧平台為經銷商網站客戶提供了額外的好處，為他們提供庫存診斷，這無疑比僅僅建立他們的網站具有更高層次的價值。

And so again, you're seeing the platform come to life where now DI customers are going to have access to retail predictive data to run their business as being part of the Cars Commerce platform. And so I just think that the value that we're adding to our website platform plus the OEM endorsements give us tons of headroom here as well. And I'll let Sonia comment on the tariffs and full year guide.

因此，您再次看到平台變得生動起來，現在 DI 客戶可以存取零售預測數據，作為 Cars Commerce 平台的一部分來運營他們的業務。所以我認為，我們為網站平台增加的價值加上 OEM 認可也為我們帶來了巨大的發展空間。我會讓索尼婭對關稅和全年指南發表評論。

My general belief, Marvin, is that this business has proven super resilient through all economic cycles and the macro changes in OEM and supplier relationships has never in the past impacted our applicability to consumers or the industry. And so I don't see any impact there on the tariff side, but maybe Sonia could comment on the full year guide.

馬文，我總體上認為，這項業務在所有經濟週期中都表現出超強的彈性，而 OEM 和供應商關係的宏觀變化過去從未影響過我們對消費者或產業的適用性。因此，我認為關稅方面不會產生任何影響，但索尼婭也許可以對全年指南發表評論。

Yeah, I mean, I think we're assuming a relatively stable macro environment like most others out there, we're actively watching key macro indicators, consumer affordability, interest rates, inventory levels, all of those things can impact both dealer budgets as well as OEM budgets as well. As you probably have noticed from the guide we provided for the first half and particularly Q1, we are expecting dealer profitability to be a bit under pressure as you look at the beginning of the year.

是的，我的意思是，我認為我們假設一個相對穩定的宏觀環境，就像大多數其他環境一樣，我們正在積極關注關鍵的宏觀指標、消費者承受能力、利率、庫存水平，所有這些都會影響經銷商預算和 OEM 預算。您可能已經從我們提供的上半年尤其是第一季的指南中註意到，我們預計，從年初來看，經銷商的獲利能力將面臨一些壓力。

But we're also very confident in the initiatives that we have planned for the back half of the year, specifically related to repackaging, bundling more of our platform for dealer customers to make it accessible, which will strengthen value delivery and retention of our products over the long term. So we're monitoring actively. We're assuming a relatively stable macro and we do have a lot of confidence in the initiatives we have planned for the year.

但我們對今年下半年計劃的舉措也非常有信心，特別是與重新包裝相關的舉措，將我們的更多平台捆綁在一起，以便經銷商客戶可以訪問，這將加強我們產品的價值交付和長期保留。因此我們正在積極監控。我們假設宏觀經濟相對穩定，我們對今年計劃的措施非常有信心。

Got it. That's great. And if I could just maybe sneak in one more just on dealerClub. It looks to me, if I'm not mistaken, you grew dealers from the time you announced the deal by several 100 about 250. I mean, just the level set expectations, I mean, should we kind of think of -- how should we kind of think about the expectations for dealer account growth in that product line for 2025? Thanks.

知道了。那太棒了。如果我可以在 DealerClub 上再偷偷溜進去的話。在我看來，如果我沒有記錯的話，從你們宣布這筆交易開始，經銷商數量就增加了幾百家，大約 250 家。我的意思是，只是設定預期水平，我的意思是，我們應該如何考慮——我們應該如何考慮 2025 年該產品線經銷商帳戶增長的預期？謝謝。

Well, look, it's early here, so I guess I want to temper expectations to a degree. However, the founder of DealerClub is a proven operator who's scaled a similar dealer-to-dealer marketplace exchange to $300 million in just a matter of a few short years. And so we have pedigree knowledge in-house who has a track record of success and has scaled marketplaces.

好吧，看，現在還早，所以我想我要在一定程度上降低期望。然而，DealerClub 的創辦人是一位經驗豐富的經營者，他在短短幾年內就將類似的經銷商對經銷商市場交易規模擴大到 3 億美元。因此，我們擁有內部的資深知識，他們擁有成功的記錄並擴大了市場規模。

Importantly, DealerClub, we're doing it at that light, right? We're not carrying huge inspector costs or building in huge arbitration operations because we're relying on dealer reputation to govern the marketplace. And so what I'm thrilled about DealerClub is we really see a path for a low-cost disruptive technology play as opposed to one that requires tremendous labor costs and can really generate platform efficiency.

重要的是，DealerClub，我們是在那種光線下做的，對嗎？我們不承擔高昂的檢查費用或建立龐大的仲裁機構，因為我們依賴經銷商的聲譽來管理市場。因此，我對 DealerClub 感到興奮的是，我們真正看到了一條低成本顛覆性技術發揮作用的道路，而不是一條需要巨大勞動成本並能真正提高平台效率的道路。

And then when you look at just the opportunity, DealerClub needed scale and when we showed them that we have tremendous listings or access to inventory with accurate aging data where we can target our opportunity to the vehicles that we know are growing [beards] on dealer lots, like we can help dealers target inventory and say we need to move this inventory down market to wholesale, and that opens up a massive opportunity. Just 1% of this market is a $100 million dollar revenue stream.

然後，當您只看機會時，DealerClub 需要規模，當我們向他們展示我們擁有大量清單或具有準確老化數據的庫存時，我們可以將我們的機會定位到我們知道在經銷商處不斷增長的車輛，比如我們可以幫助經銷商定位庫存，並說我們需要將這些庫存轉移到批發市場，這就開闢了一個巨大的機會。這個市場僅 1% 就能帶來 1 億美元的收入。

And it's very early on though, but we think the technology is incredible and the dealer feedback to the technology has been very affirmative in terms of this being a better way to transact inventory dealer to dealer and all the established players that occupy this market today.

雖然現在還處於早期階段，但我們認為這項技術令人難以置信，經銷商對這項技術的反饋非常肯定，認為這是經銷商與經銷商之間以及目前佔據這個市場的所有老牌參與者之間進行庫存交易的更好方式。

Got it. That sounds great. Thanks, Alex. Thanks, Sonia. I appreciate it.

知道了。聽起來不錯。謝謝，亞歷克斯。謝謝，索尼婭。我很感激。

Joe Spak, UBS.

瑞銀的喬·斯帕克（Joe Spak）

Thank you so much. Sonia, maybe just to go back to the margins and the guidance. The first quarter EBITDA margin guidance is like 450 basis points of quarter-over-quarter degradation, which is, I think more than that sort of seasonal average over the past five years. I think it's been closer to about 200 basis points. So what's really driving that?

太感謝了。索尼婭，也許只是回到邊緣和指導。第一季的 EBITDA 利潤率預期比上一季下降了 450 個基點，我認為這比過去五年的季節性平均值還要低。我認為它已經接近200個基點了。那麼，真正的推動因素是什麼呢？

And then I guess, to maybe flip it around a little bit like even on a year-to-year basis it's 300 basis points. So to get to that 80 bps for the year, you need to average almost 180 over the next three quarters, and it sounds like the revenues back end weighted, so I guess it's an even larger number as you get to the back half. So can you just help us unpack and understand what's really driving the cadence of margins through the year?

然後我想，也許可以稍微調整一下，像是每年計算，也是 300 個基點。因此，要達到全年 80 個基點的目標，就需要在接下來的三個季度中平均達到近 180 個基點，這聽起來像是收入的後端加權，所以我想到後半段這個數字會更大。那麼，您能否幫助我們解讀並了解真正推動全年利潤率變化的因素？

Yeah, so Q1 margins are reflective of kind of the Q4 exit rate, particularly the dealer revenue exit rate. So I would say that's one factor. And since it was down slightly on a year-over-year basis, that's going to have some impact into our starting point margins for the year.

是的，因此第一季的利潤率反映了第四季度的退出率，特別是經銷商收入退出率。所以我想說這是一個因素。由於與去年同期相比略有下降，這將對我們今年的起點利潤產生一定影響。

In addition, as we've mentioned, we are heavily investing in the DealerClub integration. We want to get this done as quickly as possible, so that is also weighing a bit on the Q1 margin guidance. I would say those are the primary reasons. Otherwise, other than that, typically we do see Q1 margins as being our lower margins of the year with margin typically steadily ramping over the course of the year.

此外，正如我們所提到的，我們正在大力投資 DealerClub 整合。我們希望盡快完成這項工作，因此這也對第一季的利潤率指引產生了一定影響。我想說這些都是主要原因。除此之外，我們通常認為第一季的利潤率是全年較低的利潤率，而利潤率通常會在全年穩步上升。

But I would say that's the specific callout related to Q1. In terms of expansion, over the course of the year that follows, our typical seasonal trends and given that some of the growth in the year is back half weighted, we'll expect margins to pick up fairly significantly as we get to the second half of the year.

但我想說這是與 Q1 相關的具體標註。在擴張方面，在接下來的一年裡，我們典型的季節性趨勢，以及考慮到今年的部分成長是後半段加權的，我們預期利潤率在下半年會相當顯著上升。

Okay, so it's basically just some additional spending early on and then sort of a ramping of some of the initiatives with dealers that helps drive the revenue growth in the back half effectively.

好的，所以這基本上只是早期的一些額外支出，然後與經銷商一起加大一些舉措，有助於有效推動下半年的收入成長。

That is correct.

正確。

Okay. And then second question, Alex. I don't think the AI question has sort of come up in a while. I know you've been dabbling or sort of more than that, I guess in AI for a while. But I was wondering if you could just update us on dealerships like either inquiring or taking a plunge on Gen AI solutions and is it anything beyond sort of consumer facing chatbots? Like are there -- are you working on or are they looking for solutions that can actually help more dealer operation efficiencies and maybe just update us on what you're investing annually in AI?

好的。接下來是第二個問題，亞歷克斯。我認為人工智慧問題已經有一段時間沒有出現過了。我知道你對人工智慧已經涉足很久了，或者說做得更多了，我想你在人工智慧領域已經有一段時間了。但我想知道您是否可以向我們介紹經銷商的情況，例如詢問或嘗試 Gen AI 解決方案，以及它是否超越了面向消費者的聊天機器人？例如，您正在研究或他們正在尋找能夠真正幫助提高經銷商營運效率的解決方案，或許只是向我們介紹您每年在人工智慧方面的投資情況？

Joe, thanks for the question. I'm smiling at the opportunity to talk about it. So, one of the biggest trends that we're seeing with AI is dealerships finding ways to eliminate their back-office cost and expense, and many dealerships operate business development centers that handle lead gen. In a couple of pilots that we've tested with dealers who've cited low lead quality or low closing ratio.

喬，謝謝你的提問。我微笑著迎接談論這件事的機會。因此，我們在人工智慧領域看到的一個最大趨勢是經銷商正在尋找消除後台成本和費用的方法，而且許多經銷商都設有負責潛在客戶開發的業務發展中心。在我們與經銷商一起測試的幾個試點中，他們提到潛在客戶品質低或低成交率。

We've replaced that dealership's lead volume with AI to handle lead volume, and in some cases we're seeing 20% less in appointments set and sales attributed to our platform, which I think both underscores the quality of our audience being understated in the minds of dealerships because lead handling is such a critical component to realizing and attributing value back to our platform.

我們已經用人工智慧來處理該經銷商的潛在客戶量，在某些情況下，我們發現預約量和歸因於我們平台的銷售額減少了 20%，我認為這兩者都凸顯了我們的受眾品質在經銷商心中被低估了，因為潛在客戶處理是實現價值並將其歸因於我們平台的關鍵組成部分。

And it's obviously a big cost center for dealerships. And so those are some of the pilots that we're working on right now that we think can really help us combat churn when dealers say that our leases don't close, let's take a challenge and let AI manage the volume on behalf of the dealer and see if we can deliver a better appointment setting and show rate, and it really shows the quality of our audience.

顯然，這是經銷商的一大成本中心。因此，這些是我們目前正在進行的一些試點，我們認為這些試點可以真正幫助我們應對客戶流失，當經銷商說我們的租約沒有結束時，讓我們接受挑戰，讓人工智慧代表經銷商管理交易量，看看我們是否可以提供更好的預約設定和展示率，它確實顯示了我們觀眾的品質。

And so that's got me very excited. Certainly from a product standpoint, right, inventory intelligence and leveraging retail demand data in real time to predict that the best exit path for a vehicle retail or wholesale is powerful disruptive tech and so dealers are excited about the fact that we're using real-time retail demand data.

這讓我非常興奮。當然，從產品的角度來看，庫存智慧和利用即時零售需求數據來預測汽車零售或批發的最佳退出路徑是強大的顛覆性技術，因此經銷商對我們使用即時零售需求數據感到興奮。

Most dealers rely on Manheim's MMR data, which is wholesale backwards looking failure rate data. We're showing them forward-looking predictive data. And so I think the industry is going to take some time to adopt new technologies that allow them to run their business much more proactively, but the opportunity here is huge.

大多數經銷商都依賴曼海姆的 MMR 數據，即批發回顧式故障率數據。我們向他們展示前瞻性的預測數據。因此，我認為該行業將需要一些時間來採用新技術，以便他們能夠更積極地經營業務，但這裡的機會是巨大的。

Any commentary on how much you're spending annually and directionally, maybe even for '25 versus 24? If you're spending more or similar amounts?

您能談談您每年在方向上花費了多少嗎，甚至是針對 25 年和 24 年的花費嗎？如果您花費更多或類似的金額？

It's hard to break it out because we want our employees to be embracing AI across the whole platform and don't have a separate team experimenting with AI. We're challenging the whole workforce to apply AI to everything that we do and to find efficiencies in the way we work. And so it would be hard for me to like quantify a dedicated investment to it, but my hope is that it's pervasive throughout the business over time and we get leverage in every functional area in the company.

這很難突破，因為我們希望我們的員工能夠在整個平台上擁抱人工智慧，而且沒有單獨的團隊來嘗試人工智慧。我們正在挑戰全體勞動力將人工智慧應用到我們所做的每一件事中，並尋找工作效率。因此，我很難量化對它的專項投資，但我希望它能夠隨著時間的推移滲透到整個業務中，並且我們在公司的每個職能領域都能發揮影響力。

Thanks for that. I appreciate it.

謝謝。我很感激。

Rajat Gupta, J.P. Morgan.

摩根大通的 Rajat Gupta。

Great, thanks for taking the question and squeezing me in here. I had a follow-up on the second half revenue growth ramp. You mentioned some areas like the full benefit of AccuTrade endorsement, as one of the drivers, can you elaborate a bit more on other drivers, that will help with the second half ramp, maybe any more granularity on dealer account, ARPD? What is going on in the repackaging initiatives?

太好了，謝謝您回答這個問題並讓我參與其中。我對下半年的收入成長進行了追蹤。您提到了一些領域，例如充分利用 AccuTrade 的認可作為驅動因素之一，您能否詳細說明其他驅動因素，這些因素將有助於下半年的成長，也許可以更詳細地了解經銷商帳戶、ARPD 嗎？重新包裝措施目前進展如何？

Anything in terms of what percentage of the dealers are on lower tiers versus higher tiers? How many of them do you expect to upgrade? Any more granular color that you could give us would be helpful. Let's speak to the guide and have one follow-up on the buyback.

處於較低層級的經銷商與處於較高層級的經銷商的比例是多少？您預計其中有多少個會升級？如果您能提供任何更詳細的顏色資訊給我們將會很有幫助。讓我們與導遊進行交談並對回購進行追蹤。

Yeah, what's exciting to me is a lot of our AccuTrade growth is coming from dealers expanding the number of stores in their groups to use the technology. So the fact that AccuTrade is proving to be successful in one store is giving owners confidence to standardize this across all of their dealership operations and with industry consolidation being a reliable trend.

是的，令我興奮的是，AccuTrade 的成長很大程度上來自於經銷商擴大其集團內使用該技術的商店數量。因此，事實證明 AccuTrade 在一家商店中取得了成功，這讓業主有信心在其所有經銷商營運中實現標準化，並且行業整合是一個可靠的趨勢。

The expansion of AccuTrade rides on that consolidation. It benefits from it, and dealerships are looking to standardize processes and get leverage off of a wider footprint of dealerships, and our technology can enable that. Not to mention just the labor savings and being able to use porters to appraise vehicles as opposed to high price specialists. There's multiple economic benefits to using technology to appraise vehicles as opposed to human curation.

AccuTrade 的擴張有賴於這種整合。它從中受益，經銷商正在尋求標準化流程並利用更廣泛的經銷商影響力，而我們的技術可以實現這一點。更不用說節省勞動力，並且能夠使用搬運工來評估車輛，而不是高價的專家。與人工評估相比，使用技術來評估車輛具有多種經濟效益。

And so that would be one. The OEM endorsements certainly are going to help, but I really believe embedding added benefits like the inventory intelligence platform, in some cases dealerships are spending. $3,000 to $5,000 a month for a standalone inventory intelligence tool that doesn't integrate.

這就是其中之一。OEM 的認可肯定會有所幫助，但我真的相信嵌入庫存智慧平台等附加好處，在某些情況下，經銷商會花錢。購買無法整合的獨立庫存智慧工具的費用為每月 3,000 至 5,000 美元。

So the fact that we're providing inventory intelligence as part of that platform is certainly another reason to believe. And then finally integrating wholesale ejection so that dealers can launch a car they appraised in real time to a wholesale marketplace before they've even taken ownership of the car and get that marketed on a wholesale marketplace is another benefit.

因此，我們在該平台中提供庫存情報這一事實無疑是另一個值得相信的理由。最後整合批發噴射，以便經銷商可以在擁有汽車之前將他們即時評估的汽車投放到批發市場，並在批發市場上銷售，這是另一個好處。

So product's going to lead the way here. And dealer usage trends as we shared on the call are all up double digits and so that gives a lot of fortification for this platform having tremendous upsides.

因此產品將在這裡起到引領作用。正如我們在電話會議上所分享的，經銷商的使用趨勢都上升了兩位數，這為該平台的巨大優勢提供了很大的支撐。

Maybe, Rajat, also to add a little bit more context if we look at 2025, I would say there are a couple primary drivers of growth and maybe we can break it down between dealer account and ARPD. We do expect to grow dealer customers in 2025. I think it's a couple different drivers that I would point to there. Obviously, we're making some organizational changes that we believe will help accelerate our sales velocity. So that would be one.

也許，Rajat，如果我們展望 2025 年，我想補充一些背景信息，我會說有幾個主要的增長驅動力，也許我們可以將其分為經銷商帳戶和 ARPD。我們確實預期 2025 年經銷商客戶數量將會增加。我認為有幾種不同的驅動因素需要指出。顯然，我們正在進行一些組織變革，我們相信這將有助於加快我們的銷售速度。這就是其中之一。

But I think when you look at just the core marketplace, we are really pleased to see how we exited the year from a competitive perspective in terms of traffic trends, which we believe are a leading indicator of marketplace health and we were number one in in UVs at the end of the year. In addition, from a product perspective, as Alex mentioned, product is going to lead the way here. We're heavily focused on ensuring that we're getting appropriate attribution for the value we're delivering. We've shared some stats in the past. We know when we get access to dealer DMS data that we're influencing in the neighborhood of 30% of their retail sales.

但我認為，當你只看核心市場時，我們非常高興地看到我們在流量趨勢方面的競爭角度下如何結束這一年，我們認為這是市場健康狀況的領先指標，而且我們在年底的 UV 方面排名第一。此外，從產品角度來看，如 Alex 所提到的，產品將引領潮流。我們非常注重確保我們所提供的價值得到適當的歸因。我們過去分享過一些統計數據。我們知道，當我們獲得經銷商 DMS 數據時，我們會對其約 30% 的零售額產生影響。

And so when you do the math there, it actually leads to the second driver of revenue growth, which is ARPD, but the value we deliver is undeniable. So yes, we believe there's an opportunity and it is included in our guide to enhance our marketplace packaging structure. 75% of our marketplace customers are in premium and preferred packages today, which means that we have headroom to elevate the packages. We've talked a lot in the past about the addition of additional products in terms into the marketplace to create a higher tier solution, and that's something that we'll be looking at later this year to go live in the market.

因此，當你進行計算時，它實際上導致了收入成長的第二個驅動力，即ARPD，但我們提供的價值是不可否認的。所以是的，我們相信這是一個機會，並且它包含在我們的指南中，以增強我們的市場包裝結構。目前，我們市場上 75% 的客戶都使用高級和首選套餐，這意味著我們還有提升套餐的空間。我們過去已經多次討論過在市場上增加更多產品以創建更高層次的解決方案，我們將在今年稍後考慮將其推向市場。

And then I think Alex alluded to this as well. We've done a few of these over the last year or two in terms of renegotiating our legacy website agreements with OEMs. That's still something that's underway, and while we do believe there's opportunity to continue to grow website units, we also believe they're sort of still relatively untapped opportunity for us to grow ARPD through these contract renegotiations and move our website package tiers north.

然後我認為亞歷克斯也提到了這一點。在過去的一兩年裡，我們做了一些這樣的工作，與 OEM 重新協商我們原有的網站協議。這項工作仍在進行中，雖然我們確實相信有機會繼續成長網站單位，但我們也相信，透過這些合約重新談判，我們仍然可以成長 ARPD，並將我們的網站套餐層級向北移動，這對我們來說仍然是一個相對尚未開發的機會。

So when you look at the website mix of who's in, good, better, best tiers, we have a lot of opportunity to move the portion in good to better and best. So I hope that helps in terms of color a little bit.

因此，當您查看網站中處於好、更好、最佳層級的組合時，我們有很多機會將好的比例轉移到更好和最佳。所以我希望這對顏色方面有一點幫助。

No, definitely, thanks for all the detail. And just on the buyback, I mean the pickup in 2025 is definitely encouraging, especially given where the stock is. I guess, given where you are from a leverage standpoint at the low end of the range, just given the free cash flow in the business, is there room to be like a lot more aggressive versus the range you've provided?

不，當然，感謝您提供的所有詳細資訊。就回購而言，我的意思是 2025 年的回升絕對令人鼓舞，尤其是考慮到股票的現狀。我想，考慮到您所處的槓桿率處於範圍的低端，考慮到業務中的自由現金流，與您提供的範圍相比，是否有更積極的空間？

Obviously, the earnouts play a role in the available free cash flow, but I'm just curious like how you're looking at that, especially with some of the more recent pullback here in the share price? Thanks.

顯然，盈利在可用的自由現金流中發揮作用，但我只是好奇您是如何看待這一點的，尤其是在最近股價有所回落的情況下？謝謝。

Yeah, no, great question. I appreciate it. I think we put a target out there to help everyone kind of size what that looks like, but certainly, when it comes to share repurchases, we will be opportunistic in terms of how we put that capital to work. And certainly at current valuation and given our guide, we see a lot of upside in the business.

是的，不，很好的問題。我很感激。我認為我們設定目標是為了幫助每個人大致了解情況，但當然，在股票回購方面，我們將在如何利用這些資本方面採取機會主義的做法。當然，按照目前的估值並根據我們的指導，我們看到該業務有很大的上升空間。

Understood. Thanks and good luck.

明白了。謝謝，祝你好運。

Doug Arthur, Huber Research.

道格·亞瑟（Doug Arthur），Huber Research。

I got to jump on a 10 o'clock call, so I will hold off until the follow-up. Thank you.

我必須接聽 10 點鐘的電話，因此我將推遲到後續事宜。謝謝。

Thank you. There are no further questions at this time. Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect. Goodbye.

謝謝。目前沒有其他問題。女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。再見。